Texas Farm Credit Adopts nCino Platform to Digitally Enhance Agricultural and Rural Real Estate Lending
September 24 2020 - 7:30AM
nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital
transformation solutions for the global financial services
industry, today announced that Texas Farm Credit (TFC) has deployed
the nCino Bank Operating System to improve and digitize its rural
property lending processes.
TFC, a rural lending cooperative that finances
agricultural production, agribusiness, rural real estate and homes,
implemented nCino's cloud-based platform to enhance its digital
capabilities, improve transparency, automate processes, and
streamline member onboarding. Headquartered in Robstown, Texas, the
cooperative serves 100 Texas counties and is part of the Farm
Credit System, a nationwide network of rural lending cooperatives
established in 1916. By partnering with nCino, TFC now has the
power of a proven end-to-end digital solution to meet evolving
borrower expectations.
"We partnered with nCino to meet the needs of a
rapidly changing industry and diverse borrower base, while also
repositioning ourselves in an aggressive lending environment," said
Mark Miller, CEO of Texas Farm Credit. “nCino is truly a leader in
innovation and has helped us to establish more efficient operations
across our cooperative. We trust that this relationship will
continue to evolve as we accelerate our transformation to meet the
credit and financial needs of farmers and ranchers across the
country."
TFC initially went live on nCino’s Commercial
Banking Solution and Customer Portal and Online Applications
features in February 2020, a critical point in the industry, as one
month later much of TFC’s workforce went fully remote due to the
COVID-19 pandemic. Even with these challenges and short period of
adoption, the number and volume of transactions completed in this
new environment has been unmatched as nCino helped the TFC team
close a record $400 million in loans year-to-date, the most in the
history of the cooperative. TFC also processed over 2,000 servicing
actions through the nCino system.
TFC front line employees previously utilized nine
separate systems to originate and close a single loan. With nCino,
employees now utilize a single cloud-based platform to streamline
everything from onboarding and document management, to credit
analysis, portfolio management, and compliance.
“We are extremely proud to partner with Texas Farm
Credit as they continue to position themselves as a leader in the
agricultural lending space,” said Josh Glover, chief revenue
officer at nCino. “In today’s landscape, the adoption of high-tech
banking capabilities is more crucial than ever and we are excited
to have Texas Farm Credit utilizing the nCino Bank Operating System
to better serve and manage their agriculture relationships by
removing friction from the lending process and creating new
opportunities for digital engagement." Glover added, “At
nCino, we continue to invest in innovation that will positively
impact the financial institutions that support rural communities
and agriculture businesses. We are committed to delivering our
market-leading technology to the farm credit space, helping to
ensure these institutions have the modern tools they need to scale
while delivering high-quality experiences and financial services to
their customers.” About nCinonCino (NASDAQ:
NCNO) is the worldwide leader in cloud banking. The nCino Bank
Operating System® empowers financial institutions with scalable
technology to help them achieve revenue growth, greater efficiency,
cost savings and regulatory compliance. In a digital-first world,
nCino's single digital platform enhances the employee and client
experience to enable financial institutions to more effectively
onboard new clients, make loans and manage the entire loan life
cycle, and open deposit and other accounts across lines of business
and channels. Transforming how financial institutions operate
through innovation, reputation and speed, nCino works with more
than 1,100 financial institutions globally, whose assets range in
size from $30 million to more than $2 trillion. For more
information, visit: www.ncino.com.
About Texas Farm CreditTexas Farm
Credit finances agricultural operations, agribusinesses, homes and
rural real estate, and offers a variety of insurance services.
Headquartered in Robstown, Texas, it serves 100 Texas counties and
is part of the Farm Credit System, a nationwide network of rural
lending cooperatives established in 1916. Visit
https://www.texasfcs.com/.
MEDIA CONTACTS |
Claire
Sandstrom, nCino |
Natalia Moose,
nCino |
+1 646.520.0710 |
+1 910.248.4602 |
csandstrom@mww.com |
natalia.moose@ncino.com |
This press release contains forward-looking
statements within the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally include actions, events, results, strategies
and expectations and are often identifiable by use of the words
“believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,”
“estimates,” “projects,” “may,” “will,” “could,” “might,” or
“continues” or similar expressions. Any forward-looking statements
contained in this press release are based upon nCino’s historical
performance and its current plans, estimates, and expectations, and
are not a representation that such plans, estimates, or
expectations will be achieved. These forward-looking statements
represent nCino’s expectations as of the date of this press
release. Subsequent events may cause these expectations to change
and, except as may be required by law, nCino does not undertake any
obligation to update or revise these forward-looking statements.
These forward-looking statements are subject to known and unknown
risks and uncertainties that may cause actual results to differ
materially. Additional risks and uncertainties that could affect
nCino’s business and financial results are included in reports
filed by nCino with the U.S. Securities and Exchange Commission
(available on our web site at www.ncino.com or the SEC's web site
at www.sec.gov). Further information on potential risks that could
affect actual results will be included in other filings nCino makes
with the SEC from time to time.
nCino (NASDAQ:NCNO)
Historical Stock Chart
From Aug 2024 to Sep 2024
nCino (NASDAQ:NCNO)
Historical Stock Chart
From Sep 2023 to Sep 2024